Victorian Chamber of Commerce and Industry Chief Executive Mark Stone AM said the stamp duty exemption for first home buyers of properties under $600,000 will provide much needed savings for buyers who are finding it increasingly difficult to enter the housing market in the face of Melbourne’s steeply rising property prices.

Mr Stone said stamp duty concessions for those buying a property valued between $600,000 and $750,000 will also have a positive impact for many, noting the exemption and concession will apply to both new and established homes.

The measures follow announcements by the Victorian Government last week that it will double the First Home Owner Grant for people buying their first home in regional Victoria to $20,000 and release 100,000 rezoned land lots in growth corridors such as Casey, Melton, Whittlesea and Cardinia. 

“Getting more properties to market sooner and lowering the costs of home ownership are important steps in taking pressure off housing and boosting affordability,” he said.

“The measures need to be carefully monitored to ensure they generate a real increase in the supply of housing, otherwise there is a risk that some sellers could see it as an opportunity to increase prices,” he said.

“The Government need to monitor the impact on investment properties in the CBD and the outer metropolitan areas and adjust this policy if necessary.”

Background – About the Victorian Chamber of Commerce and Industry

The Victorian Chamber of Commerce and Industry, established in 1851, is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.